A developed country or "more developed country" (MDC), is a sovereign state that has a highly developed economy and advanced technological infrastructure relative to other less developed nations. Most commonly the criteria for evaluating the degree of economic development is gross domestic product (GDP), the per capita income, level of industrialization, amount of widespread infrastructure and general standard of living. Which criteria are to be used and which countries are classified as being developed are contentious issues.
Developed countries have post-industrial economies, meaning the service sector provides more wealth than the industrial sector. They are contrasted with developing countries, which are in the process of industrialization, or undeveloped countries, which are pre-industrial and almost entirely agrarian. According to the International Monetary Fund, advanced economies comprise 65.8% of global nominal GDP and 52.1% of global GDP (PPP) in 2010. In 2011, the ten largest advanced economies by either nominal GDP or GDP (PPP) are the United States, Japan, Germany, France, the United Kingdom, Italy, Canada, Spain, Republic of Korea, and Australia.
Read more about Developed Country: Similar Terms, Definition and Criteria, Human Development Index (HDI), Average Disposable Wage of OECD Members, Other Lists of Developed Countries
Famous quotes containing the words developed and/or country:
“Perhaps our eyes are merely a blank film which is taken from us after our deaths to be developed elsewhere and screened as our life story in some infernal cinema or despatched as microfilm into the sidereal void.”
—Jean Baudrillard (b. 1929)
“With liberty and pleasant weather, the simplest occupation, any unquestioned country mode of life which detains us in the open air, is alluring. The man who picks peas steadily for a living is more than respectable, he is even envied by his shop-worn neighbors. We are as happy as the birds when our Good Genius permits us to pursue any outdoor work, without a sense of dissipation.”
—Henry David Thoreau (1817–1862)